The intensifying conflict in West Asia has triggered another wave of panic across global financial markets. Although US equities recovered from deep intraday losses on Tuesday, futures remain under pressure. Crude oil, which briefly crossed $85 a barrel, retreated at close but has resumed its upward climb this morning. The uncertainty persists as US President Donald Trump’s announcement that the US Navy would protect oil tankers in the Strait of Hormuz has yet to translate into normalised shipping activity.
Gift Nifty signals a fall of over 500 points at open
Asian markets extend sharp losses
Brent crude back above $82
Wall Street opened sharply lower on Tuesday, with the Dow Jones Industrial Average plunging as much as 1,277 points at one stage amid fears that Iran could target oil tankers in the Strait of Hormuz and that the war could drag on indefinitely.
Markets recovered after Trump said the US would provide naval protection and insurance support for tankers. Crude prices also eased from intraday highs, helping sentiment.
At close:
Dow Jones fell 0.83 percent to 48,501.27
S&P 500 declined 0.94 percent to 6,816.63
Nasdaq Composite dropped 1.02 percent to 22,516.69
US futures this morning are down 0.25–0.30 percent, signalling continued caution.
Major European indices fell more than 3 percent on Tuesday, while the UK benchmark declined 2.75 percent.
In Asia:
Japan’s Nikkei 225 slumped 2.8 percent after a 3 percent fall the previous day
South Korea’s KOSPI dropped another 5 percent after a 7 percent crash
Hong Kong’s Hang Seng Index fell 1.3 percent
Chinese markets opened about 1 percent lower
Indian markets, shut on Tuesday for Holi after Monday’s sharp fall, are set to reopen amid heightened anxiety.
Safe-haven buying failed to sustain momentum. Precious metals saw heavy selling.
Gold fell 4.38 percent to close at $5,089.70 per ounce
Silver dropped 8.16 percent
Platinum and palladium declined about 10 percent each
A stronger dollar index, which climbed above 99, and a 50 percent surge in European natural gas prices dampened appetite for gold. Rising inflation fears could force interest rate hikes, reducing the appeal of non-yielding assets.
Gold has rebounded 1.40 percent this morning to around $5,160.
In Kerala, 22-carat gold fell ₹2,120 per sovereign to ₹1,22,920.
Shipping through the Strait of Hormuz remains disrupted, sustaining supply fears.
Brent crude trades around $82.50
West Texas Intermediate at $75.43
Murban crude at $79.98
If the Strait remains blocked and the war prolongs, Brent could cross $100 a barrel, with some analysts even recalling the 2007 peak above $147.
The dollar index stands at 99.23.
Euro at $1.159
Pound at $1.3323
Yen at 157.63 per dollar
The rupee closed at ₹91.47 on Monday. In the offshore NDF market, the dollar is quoted at ₹92.10, indicating further weakness when domestic trading resumes.
Bitcoin trades below $68,250
Ether holds above $1,980
Solana above $87
(March 3, Tuesday)
Sensex 80,238.85 (-0.00%)
Nifty 50 24,865.70 (-0.00%)
Bank Nifty 59,839.65 (-0.00%)
Midcap 100 58,180.50 (-0.00%)
Smallcap 100 16,632.40 (-0.00%)
Dow Jones 48,501.27 (-0.83%)
S&P 500 6,816.63 (-0.94%)
Nasdaq 22,516.69 (-1.02%)
Dollar (₹) 91.47
Gold (ounce) $5,089.70 (-$233.10)
Gold (sovereign) ₹1,22,920 (-₹2,120)
Brent crude $81.40 (+$3.44)
